Third, the institutional indicators provided limited insight into the duration of
crises. At the regime level, the length of the democratic regime has no significant
effect in any of the duration models. The same applies to our measures of electoral competitiveness and executive power. The only institutional variable to have a
significant effect is party system fractionalization in the growth duration model.
Again calculating predicted crisis years, the results provide additional support for
Nooruddin’s (2010) conceptualization of veto players. While moving from a
fractionalization score of 0 to 0.2 increases the predicted length of a growth crisis
by three-fourth of a year, moving from a fractionalization score of 0.8 to 1.0
decreases the predicted length by three-fourth of a year. In short, crises are predicted
to be shorter as party system fractionalization increases. As with the results in
Table 2, it is important to look across the different types of crises to appreciate the
diverse covariates associated with their duration. Again, the stronger findings with
respect to inflation suggest that much theory building has either implicitly or
explicitly placed the region’s hyperinflationary episodes at the center of analysis.
Third, the institutional indicators provided limited insight into the duration ofcrises. At the regime level, the length of the democratic regime has no significanteffect in any of the duration models. The same applies to our measures of electoral competitiveness and executive power. The only institutional variable to have asignificant effect is party system fractionalization in the growth duration model.Again calculating predicted crisis years, the results provide additional support forNooruddin’s (2010) conceptualization of veto players. While moving from afractionalization score of 0 to 0.2 increases the predicted length of a growth crisisby three-fourth of a year, moving from a fractionalization score of 0.8 to 1.0decreases the predicted length by three-fourth of a year. In short, crises are predictedto be shorter as party system fractionalization increases. As with the results inTable 2, it is important to look across the different types of crises to appreciate thediverse covariates associated with their duration. Again, the stronger findings withrespect to inflation suggest that much theory building has either implicitly orexplicitly placed the region’s hyperinflationary episodes at the center of analysis.
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